First Time Buyers : Long Save for Deposit
New figures show the average time spent saving a 5% deposit is 4 1/2 years
1st June 2005
New figures from National Savings and Investments (NS&I) show that first time buyers are having to save for their deposit longer than ever, with the average time being four and a half years for a 5% deposit.
The period is up 9 months from a year ago, and reflects the rise in property prices, with the standard 5% deposit on the average house now hitting £7,356.
East Anglia was the area where buyers needed to save longest, with an average savings time of 5 years.
London, the south east and the south west were the only areas that did not see an increase in the length of time needed to save a deposit.
Read More: Money Guardian
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